Astronics Corporation 10-K Summary (Fiscal Year Ended Dec 31, 2001)
Business Context and Reporting Period
This Form 10-K covers the fiscal year ended December 31, 2001, for Astronics Corporation, a New York-based company operating in two primary segments: Aerospace-Electronics and Printing-Packaging. The company employs approximately 700 people and maintains manufacturing facilities in New York, New Hampshire, and Canada. As of March 8, 2002, the company had 8,105,176 shares outstanding, with a non-affiliate market value of approximately $65.9 million.
Key Financial Metrics
The filing incorporates the detailed financial statements, including revenue, profit, cash flow, and liquidity data, by reference to the 2001 Annual Report to Shareholders. Consequently, specific numerical values for net sales, net income, operating margins, debt levels, and cash flows are not present in the text of this 10-K form.
One specific financial metric provided in the filing is the Allowance for Doubtful Accounts:
| Year | Beginning Balance | Charged to Expense | Write-offs/Recoveries | Ending Balance |
|---|---|---|---|---|
| 2001 | $182,000 | $95,000 | ($29,000) | $248,000 |
| 2000 | $178,000 | $54,000 | ($50,000) | $182,000 |
Material Changes and Operational Highlights
- Workforce: Total employee count decreased slightly from 703 in 2000 to 700 in 2001. The Aerospace-Electronics segment saw a reduction from 435 to 432 employees, while the Printing-Packaging segment decreased from 268 to 263.
- Seasonality: The Printing-Packaging segment remains seasonal, with 55-58% of revenues typically realized in the second half of the year, peaking in the fourth quarter.
- Competition: The company faces significant competition from larger entities. Success in Aerospace-Electronics relies on innovation and cost management, while Printing-Packaging depends on pricing and delivery speed.
Outlook, Risks, and Management Commentary
Management commentary, guidance, and detailed analysis of financial condition are incorporated by reference to the Annual Report to Shareholders. The filing notes that the company continues to invest in state-of-the-art process and systems technology to maintain competitiveness. There are no material pending legal proceedings other than routine litigation. The company does not consider its business dependent on patent protection, relying instead on trade secrets and expertise.
Investor Verification Checklist
- Financial Performance: Review the 2001 Annual Report to Shareholders (pages 8-19) for specific revenue, net income, and cash flow figures not included in this 10-K text.
- Segment Analysis: Verify the specific revenue contribution and profitability of the Aerospace-Electronics versus Printing-Packaging segments in the referenced Annual Report.
- Liquidity Position: Consult the "Liquidity" section (page 22 of the Annual Report) for details on working capital practices and debt obligations.
- Market Risk: Review page 23 of the Annual Report for quantitative and qualitative disclosures regarding market risks.
- Stock Ownership: Confirm current beneficial ownership details in the Proxy Statement dated March 25, 2002, as referenced in Item 12.